CLOSTER, NJ – New Jersey New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski on Wednesday spoke with a group of approximately 55 senior citizens ranging in age of 70 to 95 years old at the Closter Senior Center about life insurance, long term care insurance, annuities and reverse mortgages.

“Don’t be afraid to ask questions until all of your questions are answered and you’re satisfied with the information presented to you,” Acting Commissioner Kobylowski said. “If you don’t understand something, don’t sign anything. Just say no.”

The Acting Commissioner also provided tips on how to avoid being a victim of fraud, for example, cautioning the audience to be careful in purchasing annuities. He said while many of these financial products are legitimate and valuable, many fraudulent ones are targeted specifically at senior citizens.

“Unfortunately annuities are the number one way in which seniors are defrauded in the country,” he said.

In discussing the pros and cons of reverse mortgages, he said, “The product can be beneficial to some consumers if the situation is right. Just be very careful when it concerns hidden fees and costs.”

Acting Commissioner Kobylowski, who was introduced by Bill Brewster, Closter Senior Center Director, addressed the group as part of the Department’s ongoing financial literacy program for senior citizens. Also in attendance was Closter Mayor Sophie Heymann.

The Department began conducting financial literacy programs for senior citizens in May. The program, designed by the Department specifically for seniors, will continue throughout the State, and will complement the Department’s ongoing financial literacy outreach to high school students.

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